01ENERGY RESOURCE
能源资源侧
Energy Resource
确认资源位置、供应能力、气质、价格机制与供应持续性。
Confirm location, supply capacity, gas quality, pricing mechanism and continuity.
聚气成金 算启未来
Turning Gas into Value Powering the Future of Computing
Company Profile02 / 14
以天然气资源为核心，开发、建设并运营算力基础设施
Natural-Gas-Powered Compute Infrastructure
LinkMine 是一家以天然气资源为核心，面向算力场景开发、建设并运营算力基础设施的公司。
公司从具体天然气资源和明确的算力负荷需求出发，统筹项目开发、现场发电、模块化工程建设、本地运维和运行管理，把分散的资源与执行条件组织为可以建设、持续运行并复制扩张的具体项目。
LinkMine 已从早期设备开发和工程验证逐步进入 MW 级项目开发、建设与运营阶段。随着项目组合扩大，公司通过经营业务、项目 Sponsor 权益和持续项目开发能力积累长期价值。
LinkMine develops, builds and operates compute infrastructure powered by natural gas resources.
The company starts with a specific natural gas resource and defined compute demand. It coordinates project development, on-site generation, modular engineering, local maintenance and operating management into projects designed for continuous operation and repeatable expansion.
LinkMine has progressed from early equipment development and engineering validation into MW-scale project development, construction and operations. As the portfolio expands, long-term value is built through operating businesses, project sponsor equity and continued development capability.
公司的核心价值，是持续开发、建设和运营下一座项目的能力。
The core company value is the ability to develop, build and operate the next project.
Business Thesis03 / 14
Gas → Power → Compute
LinkMine 的业务起点是天然气资源。公司通过项目开发，将天然气资源、现场发电与持续运行的算力负荷组织为一个具体项目。
LinkMine begins with natural gas resources and develops projects that combine on-site power generation with long-duration compute demand.
天然气资源Natural Gas Resources项目开发起点Starting point
项目开发Project Development组织资源与关系Structure the project
现场发电Power Generation天然气形成电力Gas becomes power
算力基础设施Compute Infrastructure电力形成算力Power supports compute
持续运行Long-Term Operations运行记录推动复制Operations enable replication
核心经营逻辑CORE LOGIC
LinkMine 不单独经营天然气资源，也不单独经营发电设备。公司把资源、场地、发电、算力负荷、工程建设与长期运营组合成可以持续运行的项目。
LinkMine does not operate natural gas resources or generation equipment in isolation. It combines resources, sites, power, compute demand, engineering and operations into a working project.
Why Gas-to-Compute04 / 14
不是有天然气就有项目，五项条件必须同时成立
Five Conditions Must Align
天然气资源只是起点。项目能否进入开发、建设和长期运营，取决于资源、需求、部署、交付与运营条件能否被组织到同一个项目结构中。
Natural gas resources are only the starting point. A project advances when resource, demand, deployment, delivery and operating conditions can be organized into one workable structure.
02COMPUTE DEMAND
算力需求侧
Compute Demand
明确负荷类型、容量、上线节奏、合同期限与电力消纳责任。
Define load type, capacity, energization schedule, contract term and offtake responsibility.
03DEPLOYMENT
部署与合规侧
Deployment and Compliance
核对场地、道路、电气、许可、排放、噪声与安全边界。
Check site, access, electrical, permitting, emissions, noise and safety boundaries.
04DELIVERY
建设交付侧
Construction and Delivery
确定模块边界、设备接口、运输安装条件、调试与验收标准。
Define module boundaries, interfaces, logistics, installation, commissioning and acceptance.
05OPERATIONS
长期运营侧
Long-Term Operations
建立本地人员、备件、监控、响应机制与可追溯运行记录。
Establish local staffing, spares, monitoring, response procedures and traceable records.
LinkMine 的工作LINKMINE'S ROLE识别条件之间的缺口，明确责任边界，并把分散输入组织为可开发、可建设、可运行的项目。Identify gaps, define responsibility boundaries and organize fragmented inputs into a project that can be developed, built and operated.
What We Create05 / 14
用两个维度说明公司能力
Two Dimensions of Company Capability
Developable MW 和 Operating MW 说明项目成熟度；Managed MW 说明 LinkMine 承担的持续管理责任。
Developable MW and Operating MW describe project maturity. Managed MW describes LinkMine's ongoing management role.
维度一：项目成熟度DIMENSION 1: PROJECT MATURITY
Developable MW
可开发容量
Developable Capacity
已有明确天然气资源基础，并完成初步技术、商务与可行性评估，可以继续推进开发。
Supported by an identified natural gas resource and initial technical, commercial and feasibility assessment.
Operating MW
运行容量
Operating Capacity
已完成建设，并进入实际持续运行阶段。
Completed construction and entered continuous operation.
维度二：管理责任DIMENSION 2: MANAGEMENT ROLE
Managed MW
管理容量
Managed Capacity
LinkMine 持续参与运营、技术管理、现场运维或项目经营管理的容量。它可能与 Operating MW 重合，反映长期管理责任，不是第三个顺序阶段。
Capacity for which LinkMine retains an ongoing operating, technical, field maintenance or project management role. It may overlap Operating MW and is not a third sequential stage.
本页说明指标口径，不发布未经确认的容量总数。This page defines the metrics without publishing unconfirmed capacity totals.
Project Development06 / 14
从天然气资源到持续运行项目
From Natural Gas to Continuous Operations
天然气资源不会自动形成可投资和可运行的项目。LinkMine 的核心工作，是组织资源、工程、商业和运营条件。
A natural gas resource does not automatically become an investable operating asset. LinkMine coordinates the resource, engineering, commercial and operating conditions.
01
天然气资源识别
Natural Gas Resources
确认资源位置、供应能力、价格与可持续性。
Confirm location, supply capacity, price and continuity.
02
场地与商业条件评估
Site and Commercial Assessment
确认场地、土地、道路、物流与主要商务关系。
Assess site, land, access, logistics and commercial relationships.
03
技术与合规评估
Technical and Compliance Assessment
评估发电、电气、环境、噪声、排放与安全要求。
Assess power, electrical, environmental, noise, emissions and safety requirements.
04
电力及算力消纳
Offtake
确认项目电力具有明确的长期消纳需求。
Confirm long-duration demand for project power.
05
单位经济性
Unit Economics
根据投资、气价、效率、运行率与运维成本判断建设价值。
Test construction value against investment, gas, efficiency, availability and operating costs.
06
项目结构设计
Project Structuring
确定实施主体、合同关系、投资责任与资本结构。
Define entities, contracts, investment responsibilities and capital structure.
07
建设交付
Construction
组织设备、运输、现场安装、调试与交付。
Coordinate equipment, logistics, installation, commissioning and delivery.
08
持续运营
Operations
进入长期运行、维护、数据监控与持续优化阶段。
Move into long-term operations, maintenance, monitoring and optimization.
项目开发不会在建设开始时结束。Development does not end when construction begins.LinkMine 对项目的关注持续到设备运行、经营结果与下一阶段扩建验证。LinkMine remains engaged through operations, business results and validation for the next expansion stage.
Operating Capabilities07 / 14
四项能力共同完成一个项目
Four Capabilities, One Operating Project
LinkMine 负责项目整体结果；MinerPower、LinkCore 和 LinkPlant 是公司内部相互衔接的执行能力，不是三家独立公司。
LinkMine owns the overall project outcome. MinerPower, LinkCore and LinkPlant are connected internal execution capabilities, not separate companies.
LinkMine
Project Development and Operations统筹天然气资源、商务合同、资本组织、单位经济性、建设协调与项目经营，对项目整体结果负责。
Coordinates natural gas resources, contracts, capital, unit economics, construction and project operations.
把各项条件组织成项目Organize the complete project
MinerPower
Modular Engineering and Delivery把天然气发电、配电、散热、控制与算力设备部署形成可重复实施的工程单元。
Turns generation, distribution, cooling, controls and compute deployment into repeatable engineering units.
把项目建设出来Build the project
LinkCore
Operations and Maintenance负责巡检、维护、维修、备件、现场工程与持续运行，形成可追溯的运维记录。
Provides inspection, maintenance, repair, spare parts, field engineering and continuous operation.
让项目持续运行Keep the project running
LinkPlant
Monitoring and Operations Control管理设备状态、告警、能源数据、维护记录与项目运营信息，支持日常判断和复盘。
Organizes equipment status, alerts, energy data, maintenance records and operating information.
理解并管理运行Understand and manage operationsCapital Structure08 / 14
母公司资本与项目资本分离
Company Capital and Project Capital
LinkMine 的增长不应要求母公司为每个新增项目持续承担全部建设投资。公司逐步建立母公司与具体项目公司相分离的两层资本结构。
Growth should not require the parent company to fund every new project in full. LinkMine is developing a two-layer structure that separates company capital from project capital.
母公司能力资本Parent Company Capital
LinkMine HoldCo
沉淀可跨项目复用的开发、治理与运营能力。
Builds development, governance and operating capabilities that can be reused across projects.
ORGANIZATION组织与治理Organization and Governance
公司团队／法务与财务
Company team / legal and finance
ORIGINATION项目形成Project Origination
天然气资源开发／项目开发
Gas resources / project development
EXECUTION可复制执行Repeatable Execution
前期投入／技术与运营体系
Pre-development / technology and operations
Sponsor
角色、投入与项目权益Role, Investment and Project Equity
投入比例与责任边界按具体项目结构确定
Investment and responsibility boundaries are defined for each project.
项目资本Project Capital
Project SPV
承接单一项目的建设投入、具体资产与项目责任。
Holds construction investment, specific assets and project responsibilities for one project.
ENERGY SYSTEM能源系统Energy System
发电设备／水冷及散热
Generation / cooling
DELIVERY交付建设Delivery
运输／项目安装
Transportation / installation
SITE ASSETS现场资产Site Assets
基础设施／合规与建设成本
Infrastructure / compliance and construction
Capital Boundary
能力留在母公司，项目资产与投资责任落实到 SPV。Capabilities remain at HoldCo; project assets and investment responsibilities sit within the SPV.
母公司资本支持跨项目复用的能力。项目资本用于具体项目资产。Sponsor Equity 与责任边界按项目结构确定。
Company capital supports reusable capabilities. Project capital funds specific assets. Sponsor equity and responsibility boundaries are defined by each project structure.
Value Creation09 / 14
LinkMine 的公司价值如何形成
How LinkMine Builds Company Value
公司价值并不只来自某一个项目产生的现金流。随着开发、建设和运营能力成熟，长期价值来自三个相互增强的部分。
Company value is not limited to cash flow from one project. As development, construction and operating capabilities mature, three reinforcing sources of value emerge.
01
经营业务价值
Operating Business Value
项目开发、建设组织、整体经营，以及围绕 Managed MW 形成的建设、运行与管理业务。
Project development, construction coordination, operations and the services formed around Managed MW.
×
02
项目权益价值
Project Equity Value
在部分项目中，LinkMine 可以作为 Sponsor 持有项目公司权益，逐步形成多个项目 SPV 的权益组合。
In selected projects, LinkMine may hold sponsor equity and build a portfolio of interests across project SPVs.
×
03
项目开发能力价值
Development Capability
资源、项目来源、下游消纳、建设经验、本地运维与单位经济性判断共同形成持续开发新 MW 的能力。
Resources, origination, offtake, engineering experience, local operations and unit-economics judgment create the ability to develop new MW.
公司价值 = 经营业务 × 项目权益组合 × 持续项目开发能力Company Value = Operating Business × Project Equity Portfolio × Development Capability三项能力需要通过实际项目、持续运行记录与可审计的经营结果逐步积累。These sources of value must be built through real projects, operating records and auditable business results.
Current Proof10 / 14
公司能力已经开始通过实际项目得到验证
Built Through Real Projects
验证不是一个孤立数字，而是从项目开发、工程交付到本地运营逐步形成的证据链。
Proof is not a single number. It is an evidence chain built through development, delivery and local operations.
PROJECT ORIGINATION
项目开发与商业组织
Development and Commercial Organization
2021开始加拿大项目开发Canada project development began
100 MW电力消纳安排Power offtake arrangement
ENGINEERING DELIVERY
工程验证与项目建设
Engineering Validation and Construction
4 × 400 kW早期工程验证Early engineering validation
3 MW已完成建设，进入整改优化Built and under remediation
SCALE AND LOCAL OPERATIONS
规模建设与本地能力
Scale Construction and Local Capability
10.5 MW当前在建项目Project under construction
6加拿大现场运维人员Canada field O&M personnel
这些事实不代表全部商业模式已经完成验证。它们说明 LinkMine 已从早期设备与工程验证，进入 MW 级项目建设、现场运行与本地运营阶段。
These facts do not mean the full business model has been validated. They show progress from early engineering work into MW-scale construction, field operations and local operating capability.
Growth Model11 / 14
每一座项目，都应该提高下一座项目的开发效率
One Project Creates the Capability for the Next
每个实际项目都会形成工程数据、运行经验、供应链关系、现场能力与单位经济性记录，并进入下一座项目的开发过程。
Each project adds engineering data, operating experience, supply-chain relationships, field capability and unit-economics records to the next development cycle.
01
项目开发
Project Development
识别并组织机会
Originate the opportunity
02
项目建设
Construction
形成工程记录
Build the engineering record
03
运行记录
Operating Record
验证持续运行
Validate operations
04
工程与经济反馈
Engineering and Economic Feedback
形成可审计反馈
Create auditable feedback
05
开发能力提升
Improved Development Capability
降低后续复杂度
Reduce future complexity
06
下一座项目
Next Project
进入新的开发循环
Enter the next cycle
07
Managed MW 增长
Managed MW Growth
经营业务与项目权益增加
Operating business and project equity grow
每一个已经完成的项目，都应该降低下一座项目的开发、建设和运营复杂度。
Each project should make the next project easier to develop, build and operate.
Partner Interfaces12 / 14
合作从清晰的项目输入开始
Cooperation Starts with Clear Project Inputs
LinkMine 面向不同合作方建立明确接口。首次讨论的目标不是立即承诺建设，而是判断资源、场地、需求与执行条件是否可以形成具体项目。
LinkMine establishes clear interfaces with different counterparties. The first discussion is intended to determine whether resources, site, demand and execution conditions can form a specific project.
01
NATURAL GAS RESOURCES
天然气资源合作
Natural Gas Resource Partners
拥有可评估天然气资源、供应能力或现场开发机会的合作方。
Counterparties with assessable natural gas resources, supply capacity or site development opportunities.
02
PROJECT ORIGINATION
项目与场地合作
Project and Site Partners
具备场地、土地、许可路径或具体项目开发条件的合作方。
Partners with sites, land, a permitting path or defined project development conditions.
03
COMPUTE OFFTAKE
算力与电力消纳
Compute and Power Offtake
具有明确容量、上线计划、合同期限和运行要求的需求方。
Demand counterparties with defined capacity, energization timing, contract duration and operating requirements.
04
DELIVERY AND OPERATIONS
建设与运营协作
Delivery and Operations Partners
设备、工程、物流、本地运维和专业服务等项目执行合作方。
Equipment, engineering, logistics, local maintenance and professional-service partners.
初步筛选Initial Screen→可行性评估Feasibility Assessment→项目结构讨论Project Structuring
Next14 / 14